Ethereum extends gains to fresh record above $3,400

SINGAPORE, May 4 (Reuters)Cryptocurrency ether extended gains to another record peak on Tuesday, after breaking above $3,000 for the first time a day earlier as investors bet on its growing utility.

Early in Asia trade it traded as high as $3,457.64 on the bitstamp exchange ETH=BTSP, for a session rise of about 17%.

Traders have attributed the gains – which amount to some 365% for the year to date – to a catch up on bitcoin’s late 2020 leap and as upgrades to the ethereum blockchain make it more useful.

The ether/bitcoin cross rate ETHBTC=BTSP stood at its highest in more than two-and-a-half years on Tuesday while bitcoin BTC=BTSP was steady at $57,295.

(Reporting by Tom Westbrook; Editing by Kim Coghill)

((; +65 6973 8284;))

The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.